Early economic indicators show that China’s manufacturing sector improved in March versus an abysmal February. However, February’s abysmal data wasn’t hard to beat.
Stocks continue to move in dramatic fashion. The coronavirus shock led to investor panic and forced selling, taking the S&P 500 from a record high to a 34% decline in a little over a month’s time.
The US Federal Reserve (Fed) announced new, extensive measures to support the US economy.
Over the past two weeks, tax-exempt Municipal bonds (Munis) have endured significant price weakness, with yields spiking more than 200 basis points (2%) across many parts of the AAA Muni curve.
Markets continue to be under pressure. Unknowns remain about the magnitude and duration of the coronavirus, including the extent of the human tragedy, as well as the economic impact.